This work represents the first complete analysis of the use of a racetrack resonator to measure the insertion loss of efficient, compact photonic components. Beginning with an in-depth analysis of potential error sources and a discussion of the calibration procedure, the technique is used to estimate the insertion loss of waveguide width tapers of varying geometry with a resulting 95% confidence interval of 0.007 dB. Furthermore, the work concludes with a performance comparison of the analyzed tapers with results presented for four taper profiles and three taper lengths.